Hyder Consulting PLC Annual Report 2012

More documents

Recommendations

Info

Asia-Pacific Regional revenues were £112.3m (2011: £114.0m) and adjusted operating profit £14.7m (2011: £14.4m), although the latter was 5.4% lower on a constant currency basis after absorbing £0.5m of redundancy costs. Australia Our results improved in the second half year following the award of infrastructure projects which had previously been delayed as a result of state elections and the effect of the Queensland flooding. Our transport division has performed particularly well in the second half following major project wins including two sections of the Pacific Highway upgrade; from Titenbar to Ewingsdale, and Oxsley to Kempsey, and the Southern Expressway in Adelaide. We have continued to work on Alliance contracts for the M80 motorway in Victoria, and the Hunter Expressway in New South Wales which have again contributed to the good results. The Westgate Freeway Upgrade Alliance in Melbourne, completed in the last financial year, was awarded the Australian construction achievement award. We have invested in developing our rail business and recently started work on a significant regional rail link project in Melbourne. In the property sector we successfully completed our work on the Eclipse Tower and Centrepoint Tower in Sydney, and the Hilton Hotel on the Gold Coast. We have secured new work on the Eastland’s shopping centre in Melbourne and the Fiona Stanley hospital in Perth. Though the private property sector remains subdued, the division is working with clients in the resources sector, completing several townships and mining camps for Alpha Coal, among others. Our utilities business has grown and we are now working on projects across Australia. We have won important new projects in the Queensland coal seam gas sector. Following recent project awards our forward order book has increased to £58.1m, up 21.8% from £47.7m the previous year. This combined with the recent acquisition of GW Engineers in the resources sector positions us well for the year ahead. Asia In Hong Kong, we have secured further Greening Master Plan projects in the New Territories, and a framework contract for the Hong Kong housing association. In mainland China our revenue has grown, and we have invested in growing our market presence opening a new office in Chongqing during the year. Major projects: • Regional Rail Link package E, Australia • Southern Expressway, Adelaide, Australia • Pacific Highway Upgrade, Oxley highway to Kempsey, Australia • Titenbar to Ewingsdale Upgrade, Australia • Kenya North coal seam gas projects, Australia • Eastland’s shopping centre, Melbourne, Australia • Fiona Stanley hospital, Perth, Australia • Alpha Coal village and rail camps design, Australia • Greening Master lans, New Territories, Hong Kong • Hong Kong Housing Authority slope maintenance term consultancy, Hong Kong 2012 2011 Australia Asia Total Australia Asia Total Revenue (£m) 90.2 22.1 112.3 91.8 22.2 114.0 Adjusted operating profit (£m) 13.8 0.9 14.7 13.9 0.5 14.4 Margin 15.3% 4.1% 13.1% 15.1% 2.3% 12.6% Order book (£m) 58.1 34.5 92.6 47.7 29.7 77.4 People 719 457 1,176 733 433 1,166 Hyder Consulting PLC Annual Report 2012 15
Directors’ Report Business Review continued Middle East Regional revenues were £63.8m (2011: £65.5m), up 0.3% on a constant currency basis. Adjusted operating profits increased 50.0% to £3.9m (2011: £2.6m), after absorbing £0.3m of redundancy costs. We have opened new and larger offices in Qatar and Saudi Arabia, which are investing heavily in new infrastructure programmes for our key clients. This investment temporarily suppressed margins, but led to improved profitability in the second half, and our order book increased by 34.1% to £135.2m (2011: £100.8m). In the second half of the year, we were awarded a number of large new contracts in Qatar with Ashghal, to undertake all infrastructure design and supervision services for a 75 square kilometre area north of Doha over the next five years, and with Kahramaa, to design a number of mega reservoirs to increase the security of water supply. In Saudi Arabia, following the recent acquisition of SAK, we have recently secured a framework contract with Jeddah Municipality to provide engineering consultancy services for the next three years. The acquisition is integrating well and providing new opportunities for the group in the Kingdom. 16 Hyder Consulting PLC Annual Report 2012 2012 2011 Revenue (£m) 63.8 65.5 Adjusted operating profit (£m) 3.9 2.6 Margin 6.1% 4.0% Order book (£m) 135.2 100.8 People 1,110 1,026 We have grown our rail expertise in the region during the year and particularly in Qatar as the country develops new schemes in advance of the 2022 FIFA World Cup. We are currently working on a number of tender design packages for Qatar Metro. Working capital in the region has increased slightly over the year due to slower payment terms with public sector clients on new contracts in Qatar and Saudi Arabia. We have received £7.9m from a client in Qatar subsequent to the year end, and made good progress in resolving delayed contract settlements in the region. Major projects: • Ashghal contract 2, Qatar • Kahramaa mega reservoirs, Qatar • Qatar Metro tender design, Qatar • Qatar Integrated Rail Programme, Qatar • Bright Start Resort, Dubai • Hydraulic network modelling, Abu Dhabi • Jeddah municipality engineering consultancy services framework, Saudi Arabia Scada Automation of Treated Sewage Effluent (TSE) System, Qatar Abu Dhabi Sewerage Scheme, UAE
Page 1 and 2: Hyder Consulting PLC Annual Report
Page 3 and 4: Contents 1 10 13 13 32 35 Company O
Page 5 and 6: Our strategy continued Who we are:
Page 7 and 8: Our strategy continued Our structur
Page 9 and 10: Our strategy continued Our strategy
Page 11 and 12: Key Performance Indicators Inner We
Page 13 and 14: Results The order book increased su
Page 15 and 16: Chairman’s Statement continued M2
Page 17: Directors’ Report Business Review
Page 21 and 22: On the right track: Crossrail In Se
Page 23 and 24: Directors’ Report Business Review
Page 27 and 28: 24 Hyder Consulting PLC Annual Repo
Page 35 and 36: Directors and Advisors Directors Si
Page 39 and 40: Chairman’s introduction I am plea
Page 41 and 42: Directors’ Report Corporate Gover
Page 43 and 44: Directors’ Report Corporate Gover
Page 45 and 46: Directors’ Report Corporate Socia
Page 61 and 62: Improving the scenery: Hong Kong Gr
Page 63 and 64: Business Review The company is the
Page 65 and 66: Directors’ Report General Informa
Page 69 and 70:
Directors’ Report Directors’ Re
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Independent Auditors’ Report to T
Page 77 and 78:
CONSOLIDATED INCOME STATEMENT FOR T
Page 79 and 80:
CONSOLIDATED CASH FLOW STATEMENT FO
Page 81 and 82:
1. PRINCIPAL ACCOUNTING POLICIES Th
Page 83 and 84:
1. PRINCIPAL ACCOUNTING POLICIES co
Page 85 and 86:
1. PRINCIPAL ACCOUNTING POLICIES co
Page 87 and 88:
2. SEGMENTAL ANALYSIS BY LOCATION O
Page 89 and 90:
4. NET FINANCE INCOME 86 Hyder Cons
Page 91 and 92:
6. EARNINGS PER SHARE (a) Number of
Page 93 and 94:
8. GOODWILL 2012 2011 £’000 £
Page 95 and 96:
10. PROPERTY, PLANT AND EQUIPMENT F
Page 97 and 98:
11. TRADE AND OTHER RECEIVABLES con
Page 99 and 100:
15. FINANCIAL INSTRUMENTS The group
Page 101 and 102:
15. FINANCIAL INSTRUMENTS continued
Page 103 and 104:
15. FINANCIAL INSTRUMENTS - DISCLOS
Page 105 and 106:
17. DEFERRED TAX Deferred tax is ca
Page 107 and 108:
20. SHARE BASED PAYMENTS Share opti
Page 109 and 110:
22. OTHER RESERVES 106 Hyder Consul
Page 111 and 112:
24. ACQUISITIONS The group purchase
Page 113 and 114:
25. EMPLOYEE COSTS (a) Employee cos
Page 115 and 116:
26. POST EMPLOYMENT BENEFITS contin
Page 117 and 118:
26. POST EMPLOYMENT BENEFITS contin
Page 119 and 120:
29. RELATED PARTY TRANSACTIONS The
Page 121 and 122:
INDEPENDENT AUDITORS’ REPORT TO T
Page 123 and 124:
PRINCIPAL ACCOUNTING POLICIES The F
Page 125 and 126:
6. CALLED UP SHARE CAPITAL Issued a
Page 127 and 128:
11. SHARE BASED PAYMENTS Share opti
Page 129 and 130:
NON-STATUTORY INFORMATION - SUMMARY
show all

Hyder Consulting PLC Annual Report 2012

Create successful ePaper yourself

Delete template?

Save as template?